U.S. Treasury Prices Recover
After Sliding on Rubin News

By

Gregory Zuckerman Staff Reporter of The Wall Street Journal

Updated May 13, 1999 12:01 a.m. ET

NEW YORK -- Months ago, the prospect of Treasury Secretary Robert Rubin resigning sent shivers down the spines of most bond traders. But when Mr. Rubin finally announced his resignation Wednesday, the bond market barely shrugged.

The Rubin announcement did spark a burst of selling that sent the benchmark 30-year Treasury bond down a half point and its yield climbing to 5.88%-its highest level since May 22, 1998.